N.Y. Comp. Codes R. & Regs. tit. 11 § 46.5

Current through Register Vol. 46, No. 45, November 2, 2024

Section 46.5 - Advertising

In addition to complying with the provisions of Part 219 of this Title (Regulation 34-A), any advertisement for a life insurance unemployment lapse protection benefit that is intended for presentation, distribution or dissemination in this State, directly or indirectly, by or on behalf of any insurer, insurance agent or insurance broker shall be subject to the following:

(a) If eligibility is dependent on being eligible for State or Federal unemployment benefits, as appropriate, the advertising material shall include a statement indicating the following:

Your eligibility for this unemployment lapse protection for life insurance benefit is dependent on your being eligible to receive State or Federal [as appropriate] unemployment benefits. A change in your employment status may affect your eligibility for benefits. If you have any questions, you should contact your insurance company.

(b) Every advertisement shall include a statement that receipt of the unemployment lapse protection benefit may be considered taxable income.

(c) Every advertisement shall clearly describe the benefit as an unemployment waiver of premium/lapse protection benefit and not a benefit that provides payments in installment or lump sum to the insured in the event of unemployment.

(d) Every advertisement relating to individual life coverage or group life coverage paid in whole or in part by the policyholder shall clearly describe the following:

(1) the waiting period, if any, before the unemployment lapse protection benefit commences under the policy or certificate; and

(2) the premium/charge payment obligations of the policyholder and/or certificateholder during any such waiting period.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 46.5